Egypt's Emaar Misr for Development (EMD) has announced the signing of two construction contracts in the first phase of the Marasi Marina project worth a total of EGP 2 billion, according to a press release by the company.
The deal was signed with Arab Constructions Company (ACC) and Orascom Construction Industries, according to a press release by the company.
The Marasi Marina project, located in Egypt’s northern coast, will include the "construction of 3,200 fully finished luxury apartments, 600 (4-5 star) hotel rooms and suites, as well as a marina boardwalk stretching over 3km with over 35,000 square metres of high-end retail and F&B outlets," the press release said.
The first contract with ACC is worth EGP 1.2 billion, and will include the construction of the first phase of 826 Marina apartments with surrounding services over a total area of 92,000 square metres, and should be completed by 2020.
The second contract with Orascom, worth EGP 800 million, will include "building the complete marina basin designed to berth 300 yachts and equipped to welcome the Mediterranean’s mega yachts that reach 60 metres in length," also expected to be completed by 2020.
"Our unwavering confidence in the promising Egyptian market and the investor-friendly policies of the government drive us to develop unique world class projects in Egypt that compete internationally," chairman of Emaar Properties PJSC Mohamed Alabbar said.
The project, which aims to “attract luxury tourism to the area all year round,” is also expected to provide thousands of direct and indirect job opportunities, the statement reads.
Emaar Misr is part of Dubai developer Emaar Properties.